G20 Summit Will Advance Global Economic Cooperation and Development

On 4-5 September, Chinese President Xi Jinping will be joined by leaders from other G20 members, guest countries and international organisations in Hangzhou to discuss ways to advance global economic cooperation and development.

So far, the G20 has held 10 summits. This year, it is China’s turn to play host. Right now, the world economy is in a transition period with both opportunities and challenges. At this crucial juncture, the international community is full of expectations of this year’s G20 Summit, hoping that outcomes from the Summit will reenergise the world economy. As the host, we are keenly aware of the heavy responsibilities on our shoulders.

At the G20 Summit, we would like to focus on the core challenges confronting the world economy and work with all parties to seek common solutions. We want to facilitate G20’s transition from a crisis-response mechanism to one focusing on long-term governance so as to better lead world economic growth. With these goals in mind, we are working with all sides to deliver three major outcomes:

First, we will forge new impetus to promote the robust, sustainable and balanced growth of the world economy through advocating innovation. Second, we will come up with new proposals to resolve various difficulties faced by current economic and financial sectors through advancing structural reform. Third, we will explore a new prospect in leading the global implementation of the 2030 Agenda for Sustainable Development. As the biggest developing country, China is keen to see development issues receiving greater attention and input from the G20. It is hoped that the summit will be recorded with two “first times”, i.e. the first time for the development issue to take a prominent position within the global macro-policy framework, and the first time for an action plan to be drawn on implementation of the 2030 Agenda for Sustainable Development.

In addition to the above outcomes, the Hangzhou Summit will feature the following three highlights: First is the rich and colourful events that will be arranged. When an emerging mechanism like the G20 comes to China, it will echo with the time-honoured civilisation. The summit will be held back to back with a B20 business forum, the biggest of its kind, on how to boost global growth. President Xi Jinping will make a keynote speech at the B20 business forum and an informal BRICS leaders meeting will be held before the summit. 

Second is about the open and inclusive working style in hosting the summit. It is important for us to pool the wisdom and listen to all parties if we want to make the summit successful. Six supporting events, i.e. the B20 business forum, the Women 20, the Labor 20, the Civil 20, the Youth 20 and the Think-tank 20, will be held.

Third is the participation by most developing countries. As the largest developing country, it is China’s due responsibility and obligation to safeguard and expand the just rights and interests of developing countries. To this end, China has invited Laos, ASEAN Chairmanship, Chad, the presidency of the African Union, Senegal, the presidency of the New Partnership for Africa’s Development and two representative major developing countries, Kazakhstan and Egypt, to attend the Hangzhou Summit. The Hangzhou Summit, with the participation of the most developing countries in the history of G20, will be more representative and inclusive in its composition. The message China hopes to convey is that the G20 belongs not only to its 20 members but also to the whole world, and that the G20 cares about not just its own interests but the common development of all in the world.

The Chinese often say that “the fire will run high if all hands add wood to it.” A successful summit won’t be possible without the strong support and coordination of other parties. China is ready now and it is believed that the summit will certainly live up to people’s great trust, and bring surprises to the people as well as hopes to the world. With this, the scroll of the G20 Hangzhou Summit is to unfold. We are looking forward to welcoming all the friends by the beautiful West Lake in September!

*  the writer is the Chinese Ambassador to Bahrain